Gas prices hit the highest level in eight years — here's what's driving the surge

Gasoline prices across the U.S. are surging to the highest level in eight years as the price of crude oil rises, spiked by worries about geopolitical tensions in Eastern Europe. 

The average price of a gallon of gas hit $3.47 on Wednesday, according to AAA, a jump of eight cents from the previous week. Gas prices this week are at their highest since October 2014, according to the U.S. Energy Department.

While gasoline prices typically dip in the first months of the year as Americans wait out cold weather indoors, this year has been different. Oil traders, anxious over the ongoing tensions between Russia and Ukraine, have bid up the price of crude oil to more than $90 a barrel.